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Page added on June 4, 2022

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America Is Facing An Absolutely Enormous Economic Crisis

Consumption

Not too long ago, the elite were trying to put a happy face on our growing economic problems.  It was obvious that things were trending in a very alarming direction, but they kept assuring us that any bumps in the road were just temporary and that a new golden age of prosperity was just around the corner.  Needless to say, there were dead wrong, and now some of them are publicly admitting the truth.  For example, JPMorgan Chase CEO Jamie Dimon just publicly stated that an economic “hurricane” is rapidly approaching…

Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic “hurricane” caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve.

“Right now it’s kind of sunny, things are doing fine. Everyone thinks the Fed can handle this,” Dimon said at a Bernstein conference. “That hurricane is right out there down the road coming our way.”

JPMorgan Chase is one of the most important financial institutions in the entire world.

So it is a really big thing for Dimon to make a statement like this.

Of course he is right on target.  An economic hurricane is coming, and it is going to be far more horrible than most Americans could possibly imagine right now.

Treasury Secretary Janet Yellen also just said something that is making a lot of headlines.

Last year she insisted that high inflation would just be “transitory”, but now she is openly admitting that she “was wrong”

“I was wrong then about the path that inflation would take. As I mentioned, there have been unanticipated and large shocks to the economy […] that I, at the time, didn’t fully understand.”

 

It isn’t exactly a surprise that she turned out to be completely wrong about high inflation being transitory.

We knew that she was wrong when she said it.

But I will give her credit for publicly admitting a mistake.  Many in Washington will never do such a thing under any circumstances.

At this point, it should be obvious to everyone that we are in the midst of an absolutely horrifying inflation crisis.

On Wednesday, the average price of a gallon of gasoline in the United States jumped another nickel to $4.67.  But the real story is the crazy prices that we are starting to see out on the west coast.  For instance, one gas station in Los Angeles is now charging more than 8 dollars a gallon for regular gasoline…

A Chevron station in downtown Los Angeles on the corner of Alameda Street and Cesar E. Chavez Avenue is charging customers over $8 for regular gasoline causing some locals to complain about price gouging, KTTV Los Angeles reported on Tuesday.

In a statement to KTTV, Chevron pointed out that the majority of its California branded stations are independently owned and that “unique” factors are contributing to gas prices in the Golden State.

How soon will we see someone break the 10 dollar a gallon threshold?

Will it be by the end of the summer?

In some cities, the price of a gallon of gasoline is already higher than the hourly minimum wage.

That is nuts!

Of course diesel prices have been rising even faster, and this is putting a tremendous amount of financial strain on America’s farmers.  If you doubt this, just check out what Texas Agriculture Commissioner Sid Miller just told Maria Bartiromo

When Bartiromo noted “filling a tractor daily now costs farmers $1,000 – twice what it was a year ago,” Miller responded, “it’s through the roof, but it’s not just diesel.”

“It’s fertilizer prices. It’s parts. We can’t get new tractors, new combines. We can’t get new tillage equipment,” he stressed. “So we have to keep running our older equipment, which we can’t get parts for. And so it’s just a whole comedy of errors, and it just multiplies on top of itself.”

When costs go up for farmers, they inevitably get passed on to consumers.

And we have already been seeing food prices spike dramatically.  Just check out these numbers from April

Food grains—including corn and wheat—were up 2.8 percent for the month and 45 percent compared with a year ago. Feed grain prices increased 7.8 percent from the prior month and 33 percent from a year ago.

The poultry and egg index jumped 22 percent from March and 94 percent from a year earlier. The April market egg price, at $2.21 per dozen, is 81.0 cents higher than March and $1.64 higher than April 2021. The price of chickens raised for meat, at $1.05 per pound, is 15.3 cents higher than March and 49.7 cents higher than a year ago. At 95.3 cents per pound, the April turkey price is 2.5 cents higher than the previous month and 18.5 cents higher than April 2021.

Milk prices climbed 4.12 percent in April and are up 47 percent compared with a year earlier.

In the entire history of our nation, we have never seen anything like this.

But as I keep warning my readers, this is just the beginning.

In fact, one prominent Texas farmer is warning that food prices “are going to double”

“People don’t realize what’s fixing to hit them,” said Texas farmer Lynn “Bugsy” Allen.

“They think it’s tough right now, you give it until October. Food prices are going to double.”

Can you imagine that?

Can you imagine what it will do to our country if food prices double from their already extremely inflated levels?

People will go absolutely bananas.

But this is exactly the type of scenario that I have been warning about for years.

Eventually, food will become such a prime target for thieves that we will actually see armed guards escorting grocery store delivery trucks.

And civil unrest will erupt all over the planet as millions upon millions of poor people get hungrier and hungrier.

Unfortunately, even though so many are now sounding the alarm, the vast majority of the population still has no idea what is coming our way.

theeconomiccollapseblog



12 Comments on "America Is Facing An Absolutely Enormous Economic Crisis"

  1. Biden’s hairplug on Sat, 4th Jun 2022 9:00 am 

    Russia doesn’t have food and fuel problems.

    Russia is a country maskerading as a petrol station and a groceries store, where only Russia-friendly countries are accepted as clients.

  2. makati1 on Sat, 4th Jun 2022 4:46 pm 

    America is going into the shitter. The hand of the elite is poised on the lever to flush. It is necessary for the ‘Great Reset’, wished for by the Davos crowd and The World Economic Forum of Herr Schwab. All of the Western countries must be reduced to the level of the “average” world inhabitant. It is only beginning…

    Can you live on $10,000 per year? I can.

  3. Hello on Sun, 5th Jun 2022 5:54 am 

    >> Can you live on $10,000 per year? I can.

    But if you had to EARN the $10k you wouldn’t have such a loud mouth, would you? What the hourly wage in your hole? 10 cents?

  4. Biden's hairplug on Sun, 5th Jun 2022 10:05 am 

    Minimum Wages in Philippines remained unchanged at 537 PHP/day in 2021 from 537 PHP/day in 2019.

    https://tradingeconomics.com/philippines/minimum-wages

    537 PHP = $10,- per day or $200 per months.

    With $900 per month, like makati, you are king in the Ps.

    For $200,-/month you can buy yourself a “personal assistant”, who does the cleaning, groceries, cooking, garden and maintenance work.

  5. Biden’s hairplug on Mon, 6th Jun 2022 12:58 am 

    Being a white man in NYC:

    https://twitter.com/The_Real_Fly/status/1533647823518027776

    The beauty is: we in Europe merely have to wait for the thing to blow up; we just have to pick up the pieces. Jews are much better than their reputation: they are going to deliver large chunks of their America to us on a silver platter. I mean, if not even quite similar Ukrainians and Russians can live together, what hope is there for whites and these PoC jolly jumpers? None!

    The good news for US whites: very much unlike Ukrainians, these PoC idiots are militarily a non-entity, a walk-over.

  6. Biden's hairplug on Tue, 7th Jun 2022 9:51 am 

    Ann Coulter finally discovers the JQ:

    https://www.theoccidentalobserver.net/2022/05/19/here-are-the-nutcases-who-believe-in-replacement/

    There is still hope.

  7. Biden's hairplug on Wed, 8th Jun 2022 12:31 pm 

    Quite unusual that a major western MSM publishes this:

    https://www.dailymail.co.uk/news/article-10896935/73-Trump-voters-think-Democrats-trying-REPLACE-white-people-win-votes.html

    “73% of Trump voters think Democrats are trying to REPLACE white people with ‘immigrants and people of color who share their political views’, shock new poll shows”

    The slow but inevitable demise of the Globalist Grand Strategy.

    Global Zion has been cancelled.

    The Soviet attempt at One World failed.

    The US attempt will fail too.

    Samuel Huntington’s multipolar world is next.

  8. Biden's hairplug on Fri, 10th Jun 2022 5:13 am 

    Jamie Dimon, the video:

    https://www.youtube.com/watch?v=JNxhV40aIg4

  9. Biden's hairplug on Fri, 10th Jun 2022 6:52 am 

    Ray Dalio: the US is on the brink of war with Russia and China

    https://www.spiegel.de/wirtschaft/unternehmen/ray-dalio-die-usa-stehen-kurz-vor-einem-krieg-mit-china-und-russland-a-620f7575-a0a7-43f3-b670-06803182c29e

    No worries though, Ray reveals how you can protect your wealth.

  10. Joseph on Sun, 12th Jun 2022 1:44 pm 

    MIT 1972 forecast for human kind collapse in 2040 is coming true ahead of time.
    Add global heating lack of drinking water , acidification of oceans and you’ll get the true picture

  11. FamousDrScanlon on Sun, 12th Jun 2022 7:09 pm 

    Where are all the peak oil deniers? Where are all the Limits to Growth deniers?

    They are hanging out with the climate changer deniers trying to come up with new excuses & explanations. Hell the climate deniers switched to climate contrarianism 3 years ago……

    News guy -There was another record breaking heat wave this week. Contrarian: no there wasn’t.

    News guy -There was another record breaking hurricane this week. Contrarian: no there wasn’t.

    News guy -There was another record breaking drought this decade. Contrarian: no there wasn’t.

    News guy -There was another record breaking wild fire season this year. Contrarian: no there wasn’t.

    News guy -There was another record breaking rain fall this week. Contrarian: no there wasn’t.

    News guy -There was record breaking flooding again this week. Contrarian: no there wasn’t.

    How does it feel to be wrong about all of it?

    For some it’s more than just being wrong. They actively spent shit tons of effort trying to convince others to believe the same. In the US a number of scientists had threats on their lives and the lives of their children. Serious enough that they had to have protection. Dirty tricks and plain old lying too. When you & yours get fucked by climate consequences what will you see when you look in the mirror? It’s almost statistically impossible that a denier and his family have not been fucked up by climate consequences. Maybe not dead, but had to run for their lives and had their property destroyed – flood or fire. Just pretend you were never a denier. Everyone else in society is pretending and hiding shit, so why not you?

    My friend’s uncle got burned down & out in the Paradise California climate jacked wildfire. He took his insurance and bought a place Utah. 30 mins outside Salt lake city.

    As the Great Salt Lake Dries Up, Utah Faces An ‘Environmental Nuclear Bomb’

    Climate change and rapid population growth are shrinking the lake, creating a bowl of toxic dust that could poison the air around Salt Lake City.

    “SALT LAKE CITY — If the Great Salt Lake, which has already shrunk by two-thirds, continues to dry up, here’s what’s in store:
    The lake’s flies and brine shrimp would die off — scientists warn it could start as soon as this summer — threatening the 10 million migratory birds that stop at the lake annually to feed on the tiny creatures. Ski conditions at the resorts above Salt Lake City, a vital source of revenue, would deteriorate. The lucrative extraction of magnesium and other minerals from the lake could stop.

    Most alarming, the air surrounding Salt Lake City would occasionally turn poisonous. The lake bed contains high levels of arsenic and as more of it becomes exposed, wind storms carry that arsenic into the lungs of nearby residents, who make up three-quarters of Utah’s population.

    “We have this potential environmental nuclear bomb that’s going to go off if we don’t take some pretty dramatic action,” said Joel Ferry, a Republican state lawmaker and rancher who lives on the north side of the lake.

    As climate change continues to cause record-breaking drought, there are no easy solutions.”

    https://archive.ph/ShWqB#selection-275.0-279.145

    I provide content & more.

  12. Joseph on Mon, 13th Jun 2022 1:52 pm 

    Lake Mead is at 29% of its capacity !
    25 million citizens are already under water usage limitations

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